SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report : July 1, 2002
Commission file number: 0-10140
CVB Financial Corp.
Incorporated pursuant to the Laws of California
Internal Revenue Service - Employer Identification No.- 95-3629339
701 North Haven Avenue, Ontario, California 91764
(909) 980-4030
| Item 1. | Changes in Control of Registrant |
| Not Applicable | |
| Item 2. | Acquisition or Disposition of Assets |
| Not Applicable | |
| Item 3. | Bankruptcy or Receivership |
| Not Applicable | |
| Item 4. | Changes in Registrant's Certifying Accountant |
| Not Applicable | |
| Item 5. | Other Events |
On June 28, 2002, Citizens Business Bank completed the acquisition of Western Security Bank, National Association.
Citizens Business Bank paid approximately $6.23 million in cash to Western Security Bancorp for the stock of Western Security Bank, which was then immediately merged into Citizens Business Bank. At June 28, 2002, Western Security Bank had total assets of $146.1 million, including $95.4 million in total loans, and total deposits of $138.6 million. With the addition of Western Security Bank's branch location, Citizens Business Bank now has 32 business financial centers in California.
A copy of the press release announcing the acquisition is attached hereto as Exhibit 99.1
| Item 6. | Resignations of Registrant's Directors |
| Not Applicable | |
| Item 7. | Financial Statements, Pro Forma Financial Information and Exhibits. |
| (a) Financial Statements | |
| Not Applicable | |
| (b) Pro Forma Financial Information | |
| Not Applicable | |
| (c) Exhibits | |
| 99.1 Press Release announcing the acquisition | |
| Item 8. | Change in Fiscal Year |
| Not Applicable | |
| Item 9. | Regulation FD Disclosure |
| Not Applicable |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CVB Financial Corp. | |
| Date: July 5, 2002 | By: /s/ D. Linn Wiley |
| D. Linn Wiley | |
| President and Chief Executive Officer |
Exhibit Index
| 99.1 | Press Release announcing the acquisition |
Press Release
For Immediate Release
Contact: D. Linn Wiley
President and CEO
(909) 980-4030
Citizens Business Bank Acquires Western Security Bank
Ontario, California, July 2, 2002. (NASDAQ:CVBF) D. Linn Wiley, President and Chief Executive Officer of CVB
Financial Corp. and its principal subsidiary, Citizens Business Bank, reported today that their previously
announced acquisition of Western Security Bank, National Association, has been completed. The $6,225,000 cash
transaction was consummated on June 28, 2002.
"We are delighted with this opportunity to expand into the San Fernando Valley. The Burbank location is a
complement to our existing franchise and our business and professional banking strategy," stated D. Linn Wiley.
Western Security was established in 1984. At the close of business on June 28, 2002 Western Security Bank
consolidated loans were $95.4 million, total deposits were $138.6 million and total assets were $146.1 million.
Ed Mylett will continue as the Senior Vice President and Business Financial Center Manager at 4100 West Alameda
Avenue in Burbank. All the customer service employees will remain with Citizens Business Bank.
Citizens Business Bank now has 32 business financial centers located in 25 cities throughout Los Angeles, San
Bernardino, Riverside, Orange and Kern Counties.
Citizens Business Bank is one of the largest community banks in Southern California with $2.6 billion in total
assets. They specialize in providing the full scope of financial services to business and professional clientele
including a Wealth Management Group with over $1.0 billion in assets under administration. CVB Financial Corp.
is traded on the NASDAQ under the ticker symbol of CVBF.
Safe Harbor
This document may contain forward-looking statements that are subject to risks and uncertainties that could cause
actual results to differ materially from those projected, including the inability to integrate the operations of
Western Security Bank with Citizens Business Bank. For a discussion of other factors that could cause actual
results to differ, please see the publicly available Securities and Exchange Commission filings of CVB Financial
Corp., including its Annual Report on Form 10-K for the year ended December 31, 2001, and particularly the
discussion of risk factors within that document.
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